California Probate Code

§ 16349

PROB § 16349 Effective Jan 1, 2024Div. 9 · Part 4 · Ch. 3 · Art. 4

Statute text

(a)For purposes of this section, “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a limited time. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than one year under an arrangement that does not provide for the payment of interest on the unpaid balance.

(b)This section does not apply to a receipt subject to Section 16340, 16348, 16350, 16351, 16353, 16354, 16355, or 16362.

(c)A fiduciary shall make allocations in the following manner:

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Legislative history

Added by Stats. 2023, Ch. 28, Sec. 2. (SB 522) Effective January 1, 2024.